Buss family selling majority ownership of Lakers

The Los Angeles Lakers brand is seen earlier than a press convention at UCLA Health Training Center on September 25, 2024 in El Segundo, California. The Los Angeles Lakers are being bought in a record-breaking $10 billion deal that makes the long-lasting franchise the highest-valued sports activities crew in U.S. historical past.
| Photo Credit: AFP

For the primary time since 1979, the Los Angeles Lakers won’t have the Buss family as a majority proprietor.

According to reviews, the Buss family has entered into an settlement to promote majority ownership of the franchise to Mark Walter, CEO of diversified holding firm TWG Global.

While Walter, who has been a stakeholder within the Lakers in 2021, will personal the majority stake, Jeanie Buss will reportedly proceed to serve in her function because the crew’s governor.

One of the franchise’s all-time greats, Magic Johnson, stated the crew’s followers ought to be thrilled by the sale.

“Laker fans should be estatic. A few things I can tell you about Mark— he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for

@Lakers fans all over the world!!”

Jerry Buss bought the Lakers from Jack Kent Cooke in 1979, a deal that additionally included the NHL’s Los Angeles Kings and the Los Angeles Forum. The Lakers gained 11 of their 17 NBA championships beneath Buss family ownership.

The crew’s ownership was handed on to Buss’ kids when he died in 2013, with Jeanie taking on the obligations as crew governor.

Walter will now step in as majority proprietor, though actual particulars of the settlement weren’t but reported. That stated, it was reported that the valuation of the deal is within the neighborhood of $10 billion— which might be the most important sale of knowledgeable sports activities franchise on the planet.

The Boston Celtics have been bought for $6.1 billion earlier this yr.

Walter has his palms in a number of different skilled sports activities organizations, together with the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks.